Dividend re-investment price and confirmation of finalisation information Stor-Age Property REIT Limited Incorporated in the Republic of South Africa Registration number 2015/168454/06 Share Code: SSS ISIN ZAE000208963 Approved as a REIT by the JSE (“Stor-Age” or “the Company”) DIVIDEND RE-INVESTMENT PRICE AND CONFIRMATION OF FINALISATION INFORMATION Shareholders are referred to the Company’s financial results announcement for the six months ended 30 September 2018 released on SENS on 20 November 2018 (“the Declaration Announcement”), which contained information relating to the declaration of a gross interim cash dividend of 51.30 cents per share (“Cash Dividend”) for the six months ended 30 September 2018 and the entitlement of shareholders to elect to re-invest the Cash Dividend in return for Stor-Age Shares (“Share Alternative”) and are advised that the reinvestment price is R12.00 per share (“Reinvestment Price”). The Reinvestment Price is based on an approximate 0.377% discount to the closing price (less the Cash Dividend of 51.30 cents per share) on 26 November 2018 and represents an approximate 0.727% premium to the 5-day volume weighted average traded price at the close of business on 26 November 2018 (less the Cash Dividend of 51.30 cents per share). The ratio in respect of the Share Alternative is 4.275 shares for every 100 shares held on the record date by South African resident shareholders exempt from dividend tax and 3.420 shares for every 100 shares held on the record date by non-resident shareholders subject to dividend tax at 20%. Where a shareholder’s entitlement to the shares in relation to the Share Alternative, calculated with reference to the above share ratio, gives rise to an entitlement to a fraction of a new share, such fraction will be rounded down to the nearest whole number with the cash balance of the dividend being retained by the shareholder (“Rounding Principle”). Dividend withholding tax (“Dividend Tax”) implications: Dividend Tax implications for South African resident shareholders: Dividends received from a Real Estate Investment Trust (“REIT”) are exempt from Dividend Tax in the hands of South African resident shareholders provided that the shareholders have provided the requisite declaration as to residence as detailed in paragraph 5.2 of the circular to Stor-Age shareholders dated 20 November 2018 (“Circular”). South African resident shareholders who have submitted the requisite documentation and are exempt from Dividend Tax, will accordingly receive a net dividend of 41.04 cents per share. Dividend Tax implications for non-resident shareholders: Dividends received from a REIT by a non-resident shareholder are subject to Dividend Tax at 20%, unless the rate is reduced in terms of any applicable agreement for the avoidance of double taxation (“DTA”) between South Africa and the country of residence of the non-resident shareholder. A reduced dividend withholding tax rate in terms of the applicable DTA may only be relied upon if the non-resident shareholder has provided the requisite documentation as detailed in paragraph 5.2 of the Circular. Non-resident shareholders who have not submitted the requisite documentation, and assuming that a Dividend Tax of 20% is applicable, will accordingly receive a net dividend of 41.04 cents per share. An example of the impact of Dividend Tax is illustrated below: South African Non-resident resident shareholders subject to shareholders Dividend Tax at 20% exempt from Dividend Tax Dividend per share (cents) 51.30 51.30 Dividend Tax per share (cents) - (10.26) Total net dividend per share (cents) 51.30 41.04 Reinvestment Price (cents) 1 200 1 200 New shares to be issued (per 100 shares) 4.275 3.420 before applying the Rounding Principle As the Cash Dividend or the Share Alternative may have tax implications for resident and non-resident shareholders, it is suggested that shareholders consult their professional advisers in this regard. Other information: The issued ordinary share capital of Stor-Age at the date hereof is 341 888 938 ordinary shares of no par value. The Company’s income tax reference number is 9027205245. Restrictions The distribution of the Circular and/or accompanying documents and the right to elect shares in jurisdictions other than the Republic of South Africa may be restricted by law and failure to comply with any of these restrictions may constitute a violation of the securities laws of any such jurisdiction. The rights of shareholders to elect shares is not being offered, directly or indirectly, in the United States of America, the United Kingdom, Canada, Australia or Japan unless certain exemptions from the requirements of those jurisdictions are applicable. Trading in Stor-Age shares: Shareholders electing the Share Alternative are reminded that the new shares will be listed on LDT+3 and that these new shares can only be traded on LDT+3 as a result of the settlement of shares 3 trading days after the record date, which differs from the conventional one trading day after the record date settlement process. Shareholders are reminded that the last day to elect to receive the Share Alternative is 12:00 (South African time) on Friday, 7 December 2018. The salient dates and times and all other information relating to the cash dividend and the Share Alternative as disclosed in the Declaration Announcement, released on 20 November 2018, remain unchanged. Cape Town 27 November 2018 Sponsor and Corporate Advisor Questco Corporate Advisory Proprietary Limited and Questco Proprietary Limited Date: 27/11/2018 11:57:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. 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